<PAGE>

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                                 Form 10-QSB/A
                                 AMENDMENT #1

(mark one)
  X  Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
 ---
of 1934
For the quarterly period ended December 31, 2000.

 ___ Transition report under Section 13 or 15 (d) of the Exchange Act
For the transition period from _________ to ___________

Commission file number 1-16165


                          AQUACELL TECHNOLOGIES, INC.
      (Exact Name of Small Business Issuers as Specified in its Charter)

           Delaware                                 33-0750453
   (State of Incorporation)            (IRS employer identification number)

                            10410 Trademark Street
                         Rancho Cucamonga, CA  91730
                   (Address of Principal Executive Offices)

                                (909) 987-0456
               (Issuer's Telephone Number, Including Area Code)

                    _______________________________________

     Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

     Yes __    No  X  - Issuer became subject to filing requirements within the
                  ---
past 90 days.

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDING DURING THE PRECEDING FIVE YEARS

     Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
Securities under a plan confirmed by a court.
     Yes            No_____

                     APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

Common Stock, $.001 par value                  7,733,250 shares outstanding
                                                  as of February 20, 2001

          Transitional Small Business Disclosure Format (check one):
          Yes ___      No  X
                          ---
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                  AQUACELL TECHNOLOGIES, INC. AND SUBSIDIARY
                     CONDENSED CONSOLIDATED BALANCE SHEET
                               December 31, 2000
                                  (unaudited)

<TABLE>
<S>                                                                                                         <C>
ASSETS
Current assets:
     Cash.............................................................................................      $     11,000
     Accounts receivable..............................................................................            29,000
     Inventories......................................................................................            64,000
     Prepaid expenses.................................................................................            18,000
                                                                                                            ------------
          Total current assets........................................................................           122,000

Property and equipment, net...........................................................................            87,000
Other assets:
     Patents, net.....................................................................................           156,000
     Deferred offering costs..........................................................................           623,000
     Security deposits................................................................................            10,000
                                                                                                            ------------
                                                                                                            $    998,000
                                                                                                            ============

LIABILITIES
Current liabilities
     Accounts payable.................................................................................      $    306,000
     Accrued expenses.................................................................................         1,248,000
     Notes and loan payable...........................................................................           176,000
     Note and loan payable to officers/stockholders...................................................             6,000
     Note payable-Union Labor Life Insurance Company, including accrued interest of $55,000...........           598,000
                                                                                                            ------------
          Total current liabilities...................................................................      $  2,334,000
                                                                                                            ------------

Commitment and contingencies

CAPITAL DEFICIENCY:
Preferred stock, par value $.001; 10,000,000 shares authorized; no shares issued
Common stock, par value $.001;40,000,000 shares authorized; 6,433,250
  issued and outstanding..............................................................................             6,000
Additional paid-in capital............................................................................         3,715,000
Accumulated deficit...................................................................................        (5,057,000)
                                                                                                            ------------
                                                                                                              (1,336,000)
                                                                                                            ------------
                                                                                                            $    998,000
                                                                                                            ============
</TABLE>

           See notes to condensed consolidated financial statements

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